With rapidly advancing technologies, unethical activities like hacks and attacks also boomed. Keeping the whole scenario in mind, a cyber security warning is issued by ASIC, an independent Australian government body accountable for regulating financial services and consumer credit. An active approach to evaluating and managing cyber risk is essential for every business sector, according to ASIC.
What ASIC Warned About?
The chairman of ASIC, Joseph Longo, is more concerned about the rising attacks and hacks in the business industry, mainly crypto.
Longo warned the businesses about the enhanced trend of businesses’ dependency on third parties for cyber security and data protection. The reliance of business firms on other third parties for data protection and security is emerging as a serious weakness.
ASIC survey results assured Longo about the same.
Most businesses in Australia are at risk due to their higher dependency on third parties for cyber security. Approximately 44% of the respondents who took part in the survey have their own system for data protection and risk management, whereas the remaining are completely dependent on third…
